The power of the village to convey any personal property owned by it shall be exercised by resolution directing the sale and the manner and terms thereof. Following passage of the resolution directing the sale of the property, notice of the sale shall be posted in three prominent places within the village for a period of not less than seven days prior to the sale of the property. If the fair market value of the property is greater than $5,000, notice of the sale shall also be published once in a legal newspaper published in or of general circulation in the village at least seven days prior to the sale of the property. The notice shall give a general description of the property offered for sale and state the terms and conditions of sale.
(Prior Code, § 8-105.01) (Ord. 04-07, passed 6-10-2004)